Property tax exemption for nonprofit housing corporations providing below-cost housing.

This bill amends the South Carolina Code to provide a property tax exemption for certain nonprofit housing corporations. The exemption applies to property used for below-cost housing for the aged, handicapped, or low-income families. The exemption is proportionate to the corporation's ownership interest in the property. To claim the exemption, the corporation must certify ownership and compliance with Revenue Procedure 96-32. The bill takes effect upon approval by the Governor and applies to property tax years beginning after 2025.

Property tax exemption for nonprofit housing corporations providing below-cost housing.

This bill amends the South Carolina Code to provide a property tax exemption for certain nonprofit housing corporations. The exemption applies to property used for below-cost housing for the aged, handicapped, or low-income families. The exemption is proportionate to the corporation's ownership interest in the property. To claim the exemption, the corporation must certify ownership and compliance with Revenue Procedure 96-32. The bill takes effect upon approval by the Governor and applies to property tax years beginning after 2025.